How to expand your entrepreneurial vision - Houston Business Journal:

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But changing is easier said than How do you acquirse afresh perspective? How do you open your mind to new possibilities You start by at least considering opportunities you would never have entertainefd in the past, by trying to approacjh problems from a different angle, by venturing outside your comfort zone and by taking some carefully measurecd risks. If you keep askint yourself thesame questions, you’re going to keep gettinyg the same answers. So, let’sz tickle your brain and switcg upthe questions. Let’s view your business through fresh Take a look atyour products, sales Let’es look at your sales upsidse down: What is it you aren’t selling?
Thinko of all the recent sales you failed to close. What were the reasonse your would-be customers gave you? • Are your customers asking for a producf or service thatyou don’t offer? In that is it time to expand your portfolio to includes something new? • Are customersd objecting to your prices? Should you re-evaluate your pricinf methodology? Provide less expensive versiom of current offerings? Expand payment termws to make purchasing more attractive? Are customers asking for smaller quantities than your curreng minimums allow? In a soft market, increasingb throughput is smart. Can you adjust your work flow to make smaller orders profitable?
Think back over the past year or so. Is thered anything different aboutyour customers? For one entrepreneur I know owns a martial arts studio. In the he’d require that students register for six months of classes at a Back in the goodold days, customera signed up without thinking twice. registrations are plummeting. Yet he’s stilo sticking to his six-month rule, because “I have to pay my The problem is, customers are increasingly unwilling to commityto six-month programs. What if their kids lose interest?? What if a parent loses his orher job? His classesa haven’t changed, but his customers Because of the tight economy, they’vs become commitment-shy.
If he wantsd their business, he’ll find a way to accommodat e them. For example, he could offer month-to-monthb memberships. Or, he could take a cue from the auto industrgy and guarantee tuition refunds if someone losesa job. Yes, he has to pay the But getting the rent money one month at a time beatxs not getting itat all. He’xs operating under an outdated assumption. Now, what about you? Are you operatinv by obsolete “rules” that discourage customer s from buying? Now, look at yourself During toughj times, entrepreneurs have to steel themselves to do thingas theyfind unpleasant.
This is However, if you’re brainstorminy ways to strengthen your it helps to focus on those aspectx youmost enjoy. Chancees are, these are your strengths. If you like what you’rer doing, you’re more likely to stick with it. So ask what is it you like best aboutyour business? What strengths can you build on? What areas can you grow ? For example, are there related services you’vwe thought about offering your but never have? Perhaps now is the time to act. Ray Silversteim is president of PRO: President’s Resource Organization, a network of entrepreneurial peer advisoruy groups in Phoenixand Chicago.
He also is the author of “The Best Secretz of Great Small Businesses” and a columnist for You can reach himat 800-818-015p or ray@propres.com.